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131936
Decreased money supply growth
statistikk
2014-01-09T10:00:00.000Z
Banking and financial markets
en
m2, The money supply M2, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

The money supply M2, November 2013

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Decreased money supply growth

The twelve-month growth in total money supply (M2) was 3.4 per cent to end-November, down from 3.9 per cent the previous month.

Monetary aggregates. Percentage changePublished 9 January 2014
June 2013July 2013August 2013September 2013October 2013November 2013
12-month growth, M0-10.812.451.3-6.89.77.3
12-month growth, M13.34.05.91.93.21.5
12-month growth, M24.74.66.13.93.93.4
3-month moving average, M25.76.75.53.7-0.2..
1-month growth, M23.04.123.0-19.32.712.6
12-month growth, households, M25.54.75.44.65.25.5
12-month growth, non-financial corporations, M23.35.89.75.95.64.1

Source: Statistics Norway

Figure 1. Money supply M2 - growth

The total money supply amounted to NOK 1 842 billion at end-November, up from NOK 1 826 billion at end-October.

Increased growth in money supply for households

Households’ money supply constitutes more than half of the total money supply. At end-November it accounted for NOK 1 000 billion, down from NOK 1 001 billion at end-October. The twelve-month growth in households’ money supply was 5.5 per cent to end-November, up from 5.2 per cent the previous month.

The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.0 per cent to end-November, according to the credit indicator C2.

Decreasing growth of money supply for non-financial enterprises

Non-financial enterprises’ money supply amounted to NOK 586 billion at end-November, up from NOK 578 billion at end-October. The twelve-month growth was 4.1 per cent to end-November, down from 5.6 per cent the previous month. Non-financial enterprises’ money supply constituted 32 per cent of the total money supply at end-November.

Increasing money supply growth for municipal government

Municipal government’s money supply amounted to NOK 80 billion at end-November, up from NOK 73 billion the previous month. The twelve-month growth rate was 2.5 per cent to end-November, up from 0.3 per cent to end-October.

Decreased money supply growth for other financial enterprises

Other financial enterprises’ money supply amounted to NOK 175 billion at end-November, up from NOK 174 billion at end-October. The twelve-month growth was -9.1 per cent to end-November, down from -6.3 per cent the previous month.

Steady composition of money supply

The composition of the money supply remains steady. The broad monetary aggregate M2 amounted to NOK 1 842 billion at end-November, of which the major part, 93.5 per cent, consisted of bank deposits. In comparison, notes and coins accounted for 2.5 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 3.7 and 0.3 per cent respectively.

Decreased growth in base money

Base money (M0) amounted to NOK 93 billion at end-November, down from NOK 112 billion the previous month. The twelve-month growth in M0 decreased from 9.7 per cent at the end of October to 7.3 per cent at the end of November.